Wealthsimple is a name synonymous with Canadians for low cost investing, but that’s not all it’s known for. The leading digital investing firm is broadening it’s services with the release of its very own savings account – the Smart Savings Account. With more Canadians doing their banking online, Wealthsimple offering savings accounts to its clients is a logical extension to their suite of investing products.

Wealthsimple isn’t going it alone in this venture. They have partnered with another bank familiar to Canadians, Equitable Bank. This means your savings are CDIC-insured, as they’d be with any other federally regulated financial institution.

Wealthsimple offering a savings account is a natural evolution for the firm. It already manages clients’ long-term investments, so a savings product for shorter-term goals is a natural fit. The robo advisor is currently offering 1.7% on its savings account for your first $100,000, an interest rate that you’ll be hard-pressed to find at any of the big banks.

And, before you ask, no, this isn’t a teaser rate. Wealthsimple. They are trying to get Canadians to realize that they’re not earning enough on their money (amen to that) and always optimizing the rate to drive better value for clients.

Smart Savings Account Features

Smart Savings is marketed as a “better account.” That’s not just a catchy marketing slogan. It’s better than traditional savings accounts in several ways.

• No introductory rates.Enjoy simple, honest interest rates with no minimums. Start with a deposit as little as $1.
• Interest on auto pilot.Your interest rates are automatically optimized, leaving you with one less thing to worry about.
• No hidden banking fees.Bank fees are the bane of my existence. Thankfully, you won’t pay a dime in hidden bank fees with a Smart Savings Account.
• Unlimited transactions with no lock-in periods.Make as many withdrawals as your heart desires without ever paying a fee. Withdrawals only take 1 to 3 days.
• Intuitive interface.Manage your account from Wealthsimple’s website and award-winning mobile app.
• Enjoy the perks of Wealthsimple Black.Get VIP airline lounge access, lower investment fees, and dedicated financial planning when you deposit over $100,000 across your Wealthsimple investment and savings accounts.

Reach Your Savings Goals Sooner

Besides offering Canadians a great rate, the Smart Savings Account was launched with a noble cause – to help Canadians reach their savings goal sooner. Canadians are able to use Wealthsimple’s investment and savings products to meet both long-term and short-term goals.

While investing products are ideal for long-term goals like retirement, Wealthsimple’s Smart Savings Account is ideal for reaching short-term goals, such as emergency savings, the down payment for a home, daycare expenses, and personal, unique goals.

It’s the perfect way to ease your way into investing by dipping your toes in without going straight to the deep end.

Sign Up Today

Smart Savings is open to new and existing Wealthsimple clients through its website and app. Sign up today and enjoy great rates.

Burn Your Mortgage Exclusive offer: Get $10,000 managed for free for one year when you invest with Wealthsimple for the first time. Sign up by Dec 31st 2018 to add this offer to your account.

Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.